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Signs of change in the commercial property/casualty insurance market continue with rates rising by an average of 2% in February over those of the same month a year earlier, according to an analysis released Monday by MarketScout.
According to the Dallas-based electronic insurance exchange, workers compensation and commercial property coverage experienced the greatest increases at 3%. General liability, umbrella/excess and business owners' policies each rose by an average of 2%. All other lines surveyed increased by 1% except fiduciary and surety coverages, which remained flat.
“In September, 2011, rates were flat,” said MarketScout CEO Richard Kerr in a statement announcing the February figures. “Since then, we have continued to see evidence of a slowly turning market with the composite rate at 0% in October, 1% in November 2011 through January 2012, and now a 2% increase in February 2012.”
Commercial property/casualty insurance rates rose 1% on average in December compared with those of a year earlier, MarketScout reported Thursday.